Union Bank of India-backed multibagger penny stock under Rs 20 from the telecom sector, hits 10 per cent upper circuits with heavy volume; Do you own it?
The stock gave multibagger returns of 120 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent.
On Thursday, the BSE Sensex Index was in red, down 582 points or 0.73 per cent at 78,886 and the NSE Nifty-50 Index was also in red, down 181 points or 0.74 per cent at 24,117. Considering broader markets, the BSE Small-Cap index plunged 0.16 per cent to a level of 53,139.
One of the Top Gainers on BSE today, shares of GTL Ltd hit a 10 per cent upper cent to Rs 15.38 per share from its previous closing of Rs 13.99. The shares of the company saw a spurt in volume by more than 9 times on BSE and at the closing bell, shares of the company were trading at Rs 15.14 per share, up 8.22 per cent. The stock has a 52-week high of Rs 19.40 and a 52-week low of Rs 6.84
GTL Ltd is a network services company, offering services and solutions to address the network life cycle requirements of telecom operators, technology providers (OEMs) and tower companies.
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Talking about the financials, GTL Ltd has a market cap of Rs 241.92 crore. The company reported excellent results in its Quarterly Results (Q4FY24) and annual results (FY24). In FY24, net sales of Rs 202 crore against net sales of Rs 186 crore in FY23. The net profit skyrocketed 270 per cent to Rs 211 crore in FY24 compared to a net profit of Rs 57 crore in FY23. As of June 2024, Union Bank of India owns a 4.80 per cent stake in the company.
GTL Ltd has informed the exchange that its Board of Directors will meet on Wednesday, August 14, 2024, in Mumbai. One of the agenda items is to consider and approve the unaudited financial results for the quarter ended June 30, 2024. The stock gave multibagger returns of 120 per cent in just 1 year whereas BSE Sensex Index is up by 20 per cent. Investors should keep this penny stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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